We are investigating Intercept Pharmaceuticals, Inc. (ICPT) (“Intercept” or the “Company”) for potential violations of the federal securities laws. On May 22, 2020, Intercept issued a press release announcing that “the U.S. Food and Drug Administration (FDA) has notified Intercept that its tentatively scheduled June 9, 2020 advisory committee meeting (AdCom) relating to the company’s new drug application (NDA) for obeticholic acid (OCA) for the treatment of liver fibrosis due to nonalcoholic steatohepatitis (NASH) has been postponed” in order to “accommodate the review of additional data requested by the FDA that the company intends to submit within the next week.” On this news, Intercept’s stock price fell $11.18 per share, or 12.19%, to close at $80.51 per share on May 22, 2020.